"Q2 2019 financial results are forecast to see marginal improvement," said Al-Morished.

Such an improvement is subject to global factors, as petrochemicals' prices were impacted by the trade war between USA and China, which is expected to resolve by May.

The Titanium dioxide market is considered smaller if compared to the petrochemicals industry. However, the Titanium dioxide production may be cut in case of decreased demand, said Al-Morished, adding that soft demand may impact prices.

Tasnee reported a net profit after zakat and tax of SAR 159.5 million for the first quarter of 2019, down 55.9 percent year-on-year (YoY), due to higher prices of raw materials, and lower sales volumes.